Over the years, there have been extensive changes in the way banks and financial institutions deliver their services to the customers. The transition to the mobile platforms is perhaps the most significant amongst these changes. It has enabled customers to avail services with just a few clicks on their smartphones. The majority of players in the industry have always geared up for this transition by investing in finance mobile app development; those who have not done it yet will soon be following suit.
As the competition in this domain is daunting, there is a need to stand apart. Institutions realize the need for elevating the standard of their services and enhancing the value of products they offer. In this context, they also need to have mobile apps that have a wide range of features to fulfill the entire needs of the users. Let’s check out the essential features that every finance app must have:
Simplified yet outstanding UX
The fintech industry seeks to deliver simplicity in their services as they do not want to baffle the customers with complex calculations, transactions, and processes. So when it comes to mobile apps, the first thing they look for is a simplified user experience. At the same time, the quality of the UX should not be compromised at any cost. The motive is to streamline the entire customer journey and deliver an engaging experience.
Most of the finance companies taking up mobile app development service want their app to have the elements of personalization. The variety of products in their portfolios requires them to target the customers with the most relevant ones. With personalization elements in mobile apps, it becomes possible to identify the user preferences and have tailored promotional strategies for individual customers.
Fintech apps are showing a great inclination towards the adoption of Artificial Intelligence technology. The most common form in which this technology is being used is as chatbots that automate the customer-facing processes and improve one-on-one interactions. Similarly, it can be used to identify negative spending patterns and advice the users on saving money.
Tracking and Analytics
Another feature that users look for in finance apps is that of tracking and analytics. The applications empowered with this feature serve the users a clear and comprehensive overview of their financial activities and enables them to manage their money better. In addition to keeping track of their activities, these apps also provide access to histories and specific information as required.
Blockchain security is one of the most high-tech trends that is making its way into the application development space. Banking and finance applications can particularly find this feature extremely useful as they have a lot of critical user information to deal with. It enables secure sharing of data across platforms which means that the confidential financial data of the customers is never at stake.
The growing popularity of mobile trend in the fintech space is an awakening for businesses in this domain. The increasing number of finance apps on the app store, thus, does not come as a surprise. It gives a clear signal that embracing this trend is no longer a choice but a compulsion for organizations. Businesses that want to take this route need to look for a technology partner that specializes in rapid mobile app development. Such service providers can deliver an advanced app within a short timespan to help them embrace an app soon to keep pace with the trend. At Mobiindia, we are a trusted name for delivering quality Android and iPhone app development service in India and abroad. We have an impressive track record of having worked for a global clientage from a variety of verticals.